0001393311-24-000135.txt : 20240509
0001393311-24-000135.hdr.sgml : 20240509
20240509200650
ACCESSION NUMBER: 0001393311-24-000135
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20240507
FILED AS OF DATE: 20240509
DATE AS OF CHANGE: 20240509
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Vitan Nathaniel A.
CENTRAL INDEX KEY: 0001774586
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-33519
FILM NUMBER: 24932545
MAIL ADDRESS:
STREET 1: 701 WESTERN AVENUE
CITY: GLENDALE
STATE: CA
ZIP: 91201-2349
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Public Storage
CENTRAL INDEX KEY: 0001393311
STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798]
ORGANIZATION NAME: 05 Real Estate & Construction
IRS NUMBER: 953551121
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 701 WESTERN AVENUE
CITY: GLENDALE
STATE: CA
ZIP: 91201-2349
BUSINESS PHONE: 818-244-8080
MAIL ADDRESS:
STREET 1: 701 WESTERN AVENUE
CITY: GLENDALE
STATE: CA
ZIP: 91201-2349
4
1
wk-form4_1715299600.xml
FORM 4
X0508
4
2024-05-07
0
0001393311
Public Storage
PSA
0001774586
Vitan Nathaniel A.
C/O PUBLIC STORAGE
701 WESTERN AVENUE
GLENDALE
CA
91201
0
1
0
0
Chief Legal Officer
0
Common Shares
3614
D
Stock Option (Right to Buy)
221.68
2024-05-07
4
D
0
64546
D
2023-03-06
2030-03-05
Common Shares
64546
0
D
AO LTIP Units
2024-05-07
4
A
0
64546
A
2030-03-05
Common Shares
64546
64546
D
LTIP Units
Common Shares
9000
9000
D
AO LTIP Units
228.74
2020-05-27
2029-05-26
Common Shares
6196
6196
D
AO LTIP Units
222.66
2024-02-16
2031-02-15
Common Shares
77456
77456
D
AO LTIP Units
279.51
2025-03-05
2034-03-04
Common Shares
6470
6470
D
Three-fifths of this multi-year (2020-2022) performance-based option vested following certified achievement of the applicable performance targets at the conclusion of the performance period, with the remaining vesting ratably over the subsequent two years beginning one year from March 6, 2023.
On May 7, 2024, Public Storage (the "Company") canceled the option upon surrender to the Company by the reporting person (the "Canceled Option").
In exchange for the Canceled Option, the reporting person received a replacement award of membership interests in Public Storage OP, L.P. ("Public Storage OP") designated as AO LTIP Units ("AO LTIP Units"), which AO LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The AO LTIP Units are convertible at the reporting person's election into vested LTIP Units ("LTIP Units") of Public Storage OP, which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Common Units in Public Storage OP ("OP Units"). The OP Units may be exchanged by the reporting person for Company common shares, par value $0.10 per share ("Common Shares"), or the equivalent cash value of Common Shares, as determined by the Company.
LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into OP Units. The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Company.
The final tranche of these AO LTIP Units will become exercisable on May 27. 2024.
Three-fifths of these AO LTIP Units vested February 16, 2024, with the remaining vesting ratably over the following two years.
These AO LTIP Units become exercisable as to one-fifth on each of March 5, 2025, 2026, 2027, 2028, and 2029.
/s/ Nathaniel A. Vitan
2024-05-09